The Debt Recovery Tribunals have been
established by the Government of India under an Act of Parliament (Act
51 of 1993) for expeditious adjudication and recovery of debts due to
banks and financial institutions. The Debt Recovery Tribunal is also the
appellate authority for appeals filed against the proceedings initiated
by secured creditors under the Securatizaton and Reconstruction of
Financial Assets and Enforcement of Security Interest Act.

DRT Act & Rules (Debt Recovery Act)

=> The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

=> The Recovery of Debts Due to Banks and Financial Institutions Act, 1993

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Delhi | Bangalore | Kolkata | Mumbai

There are five DRAT: Debt Recovery
Appellate Tribunals in India, situated at Allahabad, Delhi, Mumbai,
Kolkata and Chennai. DRATs are appellate tribunals For DRT: Debt
Recovery Tribunals. In India there are more than 33 DRTs: Debt Recovery
Tribunals, situated at different State/City.

DRT Tribunal, Bankruptcy Court, DRT Court

DRT is Tribunal not a Court. The Debt
Recovery Tribunals have been established by the Government of India
under an Act of Parliament (Act 51 of 1993) for expeditious adjudication
and recovery of debts due to banks and financial institutions. In India
there is nothing like DRT court & Bankruptcy Court

RDBFI: The Recovery of Debts Due to Banks and Financial Institutions Act, 1993

SARFAESI: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

OD: Over Due

Debt Meaning & Definition: Debt is
that which is owed; usually referencing assets owed, but the term can
also cover moral obligations and other interactions not requiring money.
In the case of assets, debt is a means of using future purchasing power
in the present before a summation has been earned. Some companies and
corporations use debt as a part of their overall corporate finance
strategy. A debt is created when a creditor agrees to lend a sum of
assets to a debtor. In modern society, debt is usually granted with
expected repayment; in most cases, plus interest. Historically, debt was
responsible for the creation of indentured servants. An amount owed to a
person or organization for funds borrowed. Debt can be represented by a
loan note, bond, mortgage or other form stating repayment terms and, if
applicable, interest requirements. These different forms all imply
intent to pay back an amount owed by a specific date, which is set forth
in the repayment terms.

Debt Definition: Debt means any liability
(inclusive of interest) which is claimed as due from any person by a
bank or a financial institution or by a consortium of banks or financial
institution during the course of any business activity undertaken by
the bank or the financial institution or the consortium under any law
for the time being in force, in cash or otherwise, whether secured or
unsecured, or assigned, or whether payable under a decree or order of
any civil Court or any arbitration award or otherwise or under a
mortgage and subsisting on, and legally recoverable on, the date of the
application.

Debt word origin: The word comes from the
French dette and ultimately Latin debere (to owe), from de habere (to
have). The letter b in the word debt was reintroduced in the 17th
century, possibly by Samuel Johnson in his Dictionary of 1755 several
other words that had existed without a b had them reinserted at around
that time.

Kinds of Debt: A company uses various
kinds of debt to finance its operations.

The various types of debt can
generally be categorized into:

secured and unsecured debt,

private and public debt,

syndicated and bilateral debt.

NPA: Non Performing Asset means an asset
or account of borrower, which has been classified by a bank or financial
institution as sub-standard, doubtful or loss asset, in accordance with
the directions or guidelines relating to asset classification issued by
The Reserve Bank of India.

NPA – Non Performing Asset Definition: An
asset becomes non-performing when it ceases to generate income for the
bank on actual realization basis.